Heterodox Economists, Part 1: Michal Kalecki

In this special episode of "Ones and Tooze," Cameron Abadi and Adam Tooze delve into the ideas of heterodox economist Michal Kalecki. They discuss Kalecki's biography, highlighting the influence of his Polish-Jewish background and Marxist leanings on his economic thought. The conversation explores Kalecki's critique of capitalism, his relationship to Marxian economics, and his unique perspective compared to Keynesian economics, particularly regarding government intervention and full employment. They also touch on Kalecki's analysis of the political implications of full employment, including the potential for fascism. The episode sets the stage for future discussions on other heterodox economists like Joan Robinson and Hyman Minsky.